Career Viewpoint: Trends and Skills in the Financial Sector

This article discusses the general trends impacting the financial sector, such as digital transformation and the introduction of new technologies like Blockchain. It also explores the skills, knowledge, and experience required for a career as a financial manager. The article provides insights into the opportunities and challenges in the financial sector.

CAREER VIEWPOINT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
ANALYSIS AND APPLICATION.................................................................................................1
General trends which will impact Financial sector......................................................................1
skills / knowledge and experience required.................................................................................3
EVALUATION...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Career view point can be defined as a career perspective that helps an individual to
evaluate own point of view about one’s own career. My future plan is to build career as a
financial manager in a multinational finance company. There are various reasons because of
which I have chosen this as a financial procession for career development. Financial sector is one
of those sectors which is continuously growing and is providing various kinds of opportunities to
people so that they can develop or build their career in this sector. Second as a finance manager,
I will be able to gain experience of ways in which financial reports of an organization are
managed and analysed for maintaining healthy financial health of an organization. The main of
this report is to identify general trends that can impact finance industry and skills, knowledge and
experience required by financial manager.
ANALYSIS AND APPLICATION
General trends which will impact Financial sector
According to the view of Hua, Huang and Zheng, (2019) Trends in financial sector is
changing drastically. these continuous changing trends are impacting this financial sector in
many different ways. First general trend which is impacting this sector is accelerating focus upon
digital transformation. Most of the financial organizations are focusing aggressively upon
digitalization by adopting new and emerging trends. It is majorly because advance digital
technologies help firms in enhancing operational efficiency, increase accuracy in final results,
analyse past few years financial performance of company in a much better and appropriate
manner. Most of the financial organizations are cutting down their investment upon their new
branches and are investing more upon digital channels for increasing accuracy of financial
results, increase operational efficiency and achieve desired targets on time. Many organizations
in this industry are taking advantage of this advancement in technology. This breakthrough or
introduction of different kinds of advance technology has completely reshaped all the financial
services provided by companies. In simple words it can be said that digitalization has changed
traditional way of providing financial services to clients. This advancement and digitalization
have introduced a new field known as FinTech. This FinTech takes an advantage of void
between financial sector and technology breakthrough. Many existing companies are either
focusing upon doing partnership with FinTech companies or are changing their business model
in order to become a FinTech company for gaining competitive advantage.
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As per the view of Stezhko, Belinska and Ratushna, (2020) advancement in technology
has brought various kinds of changes within financial services. Introduction of technology like
Blockchain has brought revolution in this sector. This technology is raising a question for
economic value offered by organizations in this financial sector. Introduction of this technology
has shaken foundation of most of the financial sector institutes because Blockchain provides
various services like smart contracts, digital payments. Other than this, it has speeded up overall
process related to provision of financial services but most importantly it has successfully
removed intermediaries. It has helped organizations in this sector to reduce their overall
operational cost and increase security and safety of all the operations and services that involves
financial calculations. Increasing use of Blockchain technology is another general trend which is
impacting this financial sector drastically. Stezhko, Belinska and Ratushna, (2020) further
explains that, advance technology, introduction of new channels or technology that ease financial
services, increases security is one of the main key towards success for industries in this sector.
This advancement in technology has also brought various kinds of changes within key skills,
qualities and knowledge required in financial professionals. This changing trend has made it
compulsory for financial professionals or experts to have a command over new technology or at
least have a basic or general idea about new technologies and ways in which it can enhance
overall operational efficiency of organizations in this sector.
According to Traina, (2018) today data for financial sector institutes or organizations has
become one of the most important factors. Companies including FinTech are focusing majorly
upon consumer data for various task. Advancement in technology has made it possible for
organizations in this sector to store and analyse unlimited data for analysing consumer
investment trends, preferences and many other things. Specifically Bans in this sector have
focused upon installing data aggregators for increasing security of data stored within their
system. This is because excessive storage and usage of data has increase risk of data theft which
is not only risky for financial organizations in this sector but it is also risky for companies as well
as for customers. Firm in this sector need to focus upon data safety and security because any kind
of leakage of financial data can drastically impact institutes in negative manner and if it is not
handled in a proper manner then it can result in loss. So it can be said that general trends that are
changing or impacting this financial sector industry are: digitalization, introduction of advance
technology like Blockchain, instruction of companies like FinTech, increasing use of data and
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more focus upon security of data. Due to these trends it has become important for organization
who still run and operate in traditional manner to bring changes within their operational method
to bring changes within their business model according to the changing trends.
skills / knowledge and experience required
There are various kinds of professions in financial sector. Each of them requires different
kinds of skills, knowledge and experience. A financial manager is required to work upon
financial reports, interpret financial information. They are also required to present their view
point upon investment activities, provide strategies for enhancing overall financial stability of
company so that overall positive financial health of organization can be maintained. Skills,
knowledge and experience required to be a financial manager are:
Skills:
There are various kinds of skills that are required to be present within Financial
managers. They are required to have excellent communication and presentation skills for
presenting and communicating all the important information related to financial data or
operations. Individuals are required to have high numeracy and technical skills so that they can
carry out any kind of financial calculation and in analyse or interpret any kind of financial data
as per the need and requirement (Huang, 2017). Financial managers should also have excellent
problem- solving skills so that they can easily identify problem areas and resolve them in a much
easier manner without any kind of loss. They are also required to have negotiation skills and the
ability to influence others. It is an important skill required to be present within financial
managers because it helps then in influencing clients and customers for different kinds of
financial services offered by them. If there is any kind of issue or problem faced by clients or
customers then negotiation and influential skills will help them to tackle and resolve that issue in
a proper manner. Lastly they should have good IT skills so that they can easily work on any kind
of IT software.
Knowledge:
Financial managers are required to have complete knowledge of statutory legislation and
regulations. They are also required to have complete knowledge and understanding of financial
statistics and accounting principles. It is one of the most basic required knowledge that financial
managers are required to have (Galstian, 2017). But other than this they are also required to have
knowledge of different kinds of software’s or technologies that can be used by companies in this
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sector for enhancement of their financial performance. This knowledge will help them to manage
all kinds of operations included in different financial processes in an appropriate manner. For
this, individuals should have a BS/ MA degree in financial statistics and accounting principles
and in order to become a senior financial manager an individual is required to have a certificate
of CFA/CPA or any such similar professional qualification.
Experience:
In this sector all kinds of relative working experience in financial sector is valuable and
has its own value. Typically finance manager require 5 years or more experience in other
business or financial profession like as an accountant, security sales officer, financial analyst or
in any other financial professions (Angguliyah Rizqi, Gaguk and Sihwahjoeni, 2019). Other than
these Senior financial managers need to have prior experience of at least 3 years as a financial
manager. If candidates have previous experience as financial analyst then such candidates are
preferred more as compared to other candidates. This experience is important because it helps
the managers in understanding analysing financial trends in both organization as well as in
market. Nowadays due to change in business model, financial professional are also required to
have an hands on working experience of using financial software for management of financial
data.
EVALUATION
There are various vacancies in different financial organizations that can help in achieving
my desired job position. I would like to focus upon Job vacancy of Financial Analyst because
this job position will help me in enhancing my financial skills and calculations. This experience
will help me un understanding and interpret financial data in an appropriate manner, I will be
able to take well informed financial decision in an appropriate manner. Lastly, experience of a
financial analyst is one of the most preferred job experience which is required and preferred for
the position of financial manager.
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REFERENCES
Books and Journals
Hua, X., Huang, Y. and Zheng, Y., 2019. Current practices, new insights, and emerging trends of
financial technologies. Industrial Management & Data Systems.
Stezhko, N., Belinska, Y. and Ratushna, Y., 2020. Globalization trends for financial innovations
development. Periodicals of Engineering and Natural Sciences (PEN). 8(3). pp.1438-
1448.
Traina, J., 2018. Is aggregate market power increasing? production trends using financial
statements. Production Trends Using Financial Statements (February 8, 2018).
Huang, W.L., 2017. The financial manager selection fuzzy model. Transylvanian Review.
Galstian, N., 2017. The impact of the level of financial literacy of managers, particularly the
financial manager, in the economic and financial performance of SMEs, a comparison
between Portugal and Russia (Doctoral dissertation).
Angguliyah Rizqi, A., Gaguk, A. and Sihwahjoeni, S., 2019. The Effect of Competence
Financial Manager, Internal Control System, and Utilization of Technology Information
on the Quality of Financial Report (A Study on Credit Unions In The Kepanjen
District). Journal of Finance and Accounting. 10(4). pp.99-104.
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